Imports

Imports are foreign goods and services bought by residents of a country. Residents include citizens, businesses and the government. It doesn't matter what the imports are or how they are sent. They can be shipped, sent by email or even hand-carried in personal luggage on a plane. If they are produced in a foreign country and sold to domestic residents, they are imports. Even tourism products and services are imports. When you travel outside the country, you are importing those souvenirs.

Countries are most likely to import goods that domestic industries cannot produce as efficiently or cheaply but may also import raw materials or commodities that are not available within its borders. For example, many countries have to import oil because they cannot produce it domestically or cannot produce enough of it to meet demand. Free trade agreements and tariff schedules often dictate what goods and materials are less expensive to import.